After the two-day beatdown to end the week, there was certainly some major follow-through early on in Monday’s session. In fact, during the lunch hour, the S&P 500 index futures were in the red by over 70 handles at one point from Friday’s closing price. However, the break under 4200, which was over 300 handles off Thursday’s high, was just too much for the “buy the dip” contingent to resist.
As a result, the index caught a strong bid which continued in the final hour in a big way. Once the index was able to clear Friday’s close for good, there were limited sellers. So much so, that the index tacked on another 30 handles in the final hour to close just off the highs for the day adding 25.50 handles to close at 4292.75.
Alphabet Inc. (NASDAQ: GOOG) rebounded from its shellacking on Friday to be the biggest gainer of the top components. For the session, the issue added $72.72 or 3.04 percent to close at $2465.
That was over five times better than the cash index’s advance of 0.60 percent.
Tesla Inc. (NASDAQ: TSLA) did not participate in the broad-based rally and was the biggest loser of the top components of the index. For the session, the issue declined by $7.02 or 0.7 percent to close at $998.02.
PreMarket Prep Stock Of The Day: Coca-Cola Inc. (NYSE: KO)
Buyers get carried away off the opening following a Q1 beat. Read more on KO here.